Directors Report on the Operations of the Grupa Azoty Group for the 12 months ended December 31st 2014



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Directors Report on the Operations of the Grupa Azoty Group for the 12 months ended December 31st 2013

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Directors Report on the Operations of the Grupa Azoty Group for the 12 months ended December 31st 2014 Grupa Azoty Group

Contents 1. General information on the Grupa Azoty Group... 4 1.1. Organisational structure... 4 1.2. Changes in the Group structure... 9 1.3. Organisational or equity ties between Grupa Azoty Group companies and other entities... 12 1.4. Parent s branches (divisions)... 14 1.5. Employment... 14 2. Management of the Grupa Azoty Group... 16 2.1. Organisational chart... 16 2.2. Changes in key management policies... 17 2.3. Organisational changes at the Parent... 17 3. Parent s equity and other instruments. Significant shareholders... 18 3.1. Total number and par value of Parent shares, holdings of Parent shares by supervisory and management personnel, and interests of such persons in the Parent s related entities... 18 3.2. Agreements known to the Parent which may cause future changes in the percentages of shares held by the existing shareholders and bondholders... 18 3.3. Control systems for employee share ownership plans... 18 3.4. Treasury shares held by the Parent, Group companies and persons acting on their behalf.. 19 3.5. Issue, redemption and repayment of debt and equity securities... 19 3.6. Use of proceeds from share issues... 19 3.7. Parent shares... 19 4. Business overview... 24 4.1. Overview of key products... 25 4.2. Sales markets and sources of strategic raw materials... 28 4.3. Key investments in Poland and abroad... 30 4.4. Bank deposits and equity investments... 36 4.5. Bank deposits and equity investments within the Grupa Azoty Group... 36 4.6. Significant agreements... 38 4.7. Significant related-party transactions... 39 4.8. Significant R&D achievements... 39 4.9. Environmental performance... 41 4.10. Significant events... 46 5. Company s current financial position... 49 5.1. Assessment of factors and non-typical events having a material impact on the Grupa Azoty Group s operations and financial performance... 49 5.2. Market overview... 50 5.3. Key financial and economic data... 59 5.3.1. Consolidated data... 59 5.3.2. Segments results... 60 5.3.3. Operating expenses... 63 5.3.4. Structure of assets, equity and liabilities... 65 5.4. Financial ratios... 67 5.5. Explanation of differences between actual performance and financial forecasts for 2014.. 70 5.6. Management of capital and assets... 70 5.7. Feasibility of planned investments, including equity investments, in view of available funding and possible changes in financing structure... 71 5.8. Credit facility and loan agreements executed or terminated during the financial year... 71 5.9. Loans, including in particular loans granted to/received by the Group s related entities... 75 5.10. Guarantees and sureties issued and received, in particular to related entities... 77 5.11. Significant off-balance-sheet items... 84 5.12. Financial instruments risk management policy and risk management instruments, objectives and methods... 85 5.13. Group s expected financial standing... 88 6. Risk, threats and the Group s growth prospects... 89 6.1. Significant risk factors and threats... 89 Grupa Azoty Group Page 2 of 114

6.2. Grupa Azoty Group s significant external and internal growth factors... 95 6.2.1. External factors with a bearing on the Group s business... 95 6.2.2. Internal factors... 96 6.3. Growth directions... 97 6.4. Group s growth prospects and market strategy... 97 7. Qualified auditor... 98 8. Litigation... 99 9. Parent s governing bodies... 100 9.1. Remuneration and additional benefits... 100 9.2. Agreements executed between the Parent and management personnel providing for compensation in the event of their resignation or dismissal from the position held without valid cause or if their dismissal or redundancy occurs as a result of a merger... 101 10. Statement of compliance with corporate governance rules... 102 10.1. Corporate governance code applicable to the Parent and availability of the text of the code to the public... 102 10.2. Nature and degree of Parent s non-compliance with the corporate governance principles 102 10.3. Internal control and risk management systems... 103 10.4. Shareholding structure... 104 10.5. Special control powers of security holders... 108 10.6. Restrictions on voting rights... 108 10.7. Restrictions on the transferability of securities... 109 10.8. Rules governing appointment and removal of the management staff; powers of the management staff, including in particular the authority to resolve to issue or buy back shares... 109 10.9. Rules governing amendments to the Parent s Articles of Association... 110 10.10.Operation of the General Meeting... 110 10.11.Composition and operation of the Company s management and supervisory bodies... 111 Grupa Azoty Group Page 3 of 114

1. General information on the Grupa Azoty Group 1.1. Organisational structure Director s Report on the Operations of the Grupa Azoty Group As at December 31st 2014, the Grupa Azoty Group (the Grupa Azoty Group or Group ) comprised Grupa Azoty S.A. (the Parent ) and ten subsidiaries (nine companies in which the Parent holds ownership interests above 50%, and one indirectly controlled entity), including: Further: Grupa Azoty Zakłady Azotowe Puławy S.A. (Grupa Azoty PUŁAWY), Grupa Azoty Zakłady Azotowe Kędzierzyn S.A. (Grupa Azoty ZAK), Grupa Azoty Zakłady Chemiczne Police S.A. (Grupa Azoty POLICE), Grupa Azoty ATT Polymers GmbH, Grupa Azoty Polskie Konsorcjum Chemiczne Sp. z o.o. (Grupa Azoty PKCh), Grupa Azoty Kopalnie i Zakłady Chemiczne Siarki Siarkopol S.A. (Grupa Azoty SIARKOPOL), Grupa Azoty Koltar Sp. z o.o., Grupa Azoty Folie Sp. z o.o., Grupa Azoty Compounding Sp. z o.o., Navitrans Sp. z o.o., an indirectly controlled subsidiary. Grupa Azoty PUŁAWY is the parent to ten subsidiaries, and holds ownership interests in five associates, Grupa Azoty ZAK is the parent to two subsidiaries, and holds ownership interests in two associates, Grupa Azoty POLICE is the parent to nine subsidiaries, and holds ownership interests in two associates, Grupa Azoty PKCh is the parent to three subsidiaries. Parent The Parent was entered into the Register of Entrepreneurs of the National Court Register (entry No. KRS 0000075450) on December 28th 2001, pursuant to a ruling of the District Court for Kraków- Śródmieście in Kraków, 12th Commercial Division of the National Court Register, dated December 28th 2001. Since April 22nd 2013, the Company has been trading under its new name Grupa Azoty Spółka Akcyjna (abbreviated to Grupa Azoty S.A.). The Company s core business comprises the manufacture of basic chemicals, fertilizers and nitrogen compounds, plastics and synthetic rubber in primary forms (PKD 20.1). Subsidiaries of Grupa Azoty S.A. Grupa Azoty Zakłady Azotowe Puławy Spółka Akcyjna The company was entered into the Register of Entrepreneurs of the National Court Register maintained by the District Court for Lublin Wschód in Lublin, with its seat in Świdnik, 6th Commercial Division of the National Court Register, under entry No. KRS 0000011737, on May 11th 2001. The company has its registered office in Puławy, at Al. Tysiąclecia Państwa Polskiego 13. Since April 4th 2013, the company has been trading under the name Grupa Azoty Zakłady Azotowe Puławy Spółka Akcyjna (abbreviated to Grupa Azoty Zakłady Azotowe Puławy S.A.). The company s core business comprises the manufacture of basic chemicals, fertilizers and nitrogen compounds, plastics and synthetic rubber in primary forms (PKD 20.1). Grupa Azoty Zakłady Azotowe Kędzierzyn Spółka Akcyjna The company was entered into the Register of Entrepreneurs of the National Court Register maintained by the District Court in Opole, 8th Commercial Division of the National Court Register, under entry No. KRS 0000008993. The company has its registered office in Kędzierzyn-Koźle, at ul. Mostowa 30A. Since January 11th 2013, it has been trading under its new name Grupa Azoty Zakłady Azotowe Kędzierzyn Spółka Akcyjna (abbreviated to Grupa Azoty Zakłady Azotowe Kędzierzyn S.A.). The company s core business is in the manufacture of fertilizers and nitrogen compounds, organic and non-organic chemicals and other chemical products (PKD 20.14 Z). Grupa Azoty Group Page 4 of 114

Grupa Azoty Zakłady Chemiczne Police Spółka Akcyjna The company was entered into the Register of Entrepreneurs of the National Court Register maintained by the District Court for Szczecin-Centrum, 13th Commercial Division of the National Court Register, under entry No. 0000015501, on May 29th 2001. The company has its registered office in Police, at ul. Kuźnicka 1. Since June 3rd 2013, the company has been trading under its new name Grupa Azoty Zakłady Chemiczne Police Spółka Akcyjna (abbreviated to Grupa Azoty Zakłady Chemiczne Police S.A.). The company s principal business activities include manufacture of fertilizers and nitrogen compounds (PKD 20.15 Z), and the manufacture of dyes and pigments (PKD 20.12 Z). Its supplementary operations comprise the manufacture of other inorganic basic chemicals (PKD 20.13 Z) and the manufacture of other chemical products not elsewhere classified (PKD 20.59 Z). Grupa Azoty ATT Polymers GmbH The company was entered into the Commercial Register of the District Court in Cottbus, Germany, under entry No. HRB 7461 CB, on February 2nd 2006. Since January 27th 2010, the Parent has been the sole shareholder in the company. The company s share capital amounts to EUR 9,000 thousand (paid up in full). Since July 10th 2013, the company has been trading under its new name Grupa Azoty ATT Polymers GmbH. Its principal business activities include: manufacture of and trade in plastics (polymers), their intermediates and derivatives. Grupa Azoty Polskie Konsorcjum Chemiczne Spółka z ograniczoną odpowiedzialnością The company was entered into the National Court Register under entry No. KRS 0000319998, on December 23rd 2008, by the District Court for the Capital City of Warsaw in Warsaw, 13th Commercial Division of the National Court Register. Currently, its registered office is located in Tarnów, at ul. Kwiatkowskiego 7. Since February 28th 2013, the company has been trading under its new name Grupa Azoty Polskie Konsorcjum Chemiczne Spółka z ograniczoną odpowiedzialnością (abbreviated to Grupa Azoty Polskie Konsorcjum Chemiczne Sp. z o.o. or Grupa Azoty PKCh Sp. z o.o.). Grupa Azoty PKCh Sp. z o.o. s principal business activities include engineering activities and related technical consultancy (PKD 71.12 Z). Grupa Azoty Koltar Spółka z ograniczoną odpowiedzialnością The company was entered into the National Court Register under entry No. KRS 0000206663, on May 12th 2004, by the District Court for Kraków-Śródmieście in Kraków, 12th Commercial Division of the National Court Register. Its registered office is located in Tarnów, at ul. E. Kwiatkowskiego 8. Since March 6th 2013, the company has been trading under its new name Grupa Azoty Koltar Spółka z ograniczoną odpowiedzialnością (abbreviated to Grupa Azoty Koltar Sp. z o.o.). Its principal business activities include freight forwarding related to dispatch and acceptance of rail freight shipments, cargo handling, cleaning and inspection of tanks and wagons, trade, and maintenance of railway lines supporting an on-site railway station (PKD 49.20 Z). Grupa Azoty Kopalnie i Zakłady Chemiczne Siarki Siarkopol Spółka Akcyjna The company was registered on January 1st 1997. Its registered office is located in Grzybów. The company was entered into the National Court Register under entry No. KRS 0000185170, on December 29th 2003, by the District Court in Kielce, 10th Commercial Division of the National Court Register. Since February 11th 2014, it has been trading under its new name Grupa Azoty Kopalnie i Zakłady Chemiczne Siarki Siarkopol Spółka Akcyjna (abbreviated to Grupa Azoty Kopalnie i Zakłady Chemiczne Siarki Siarkopol S.A.). Its principal business activities include mining of minerals for the chemical industry and fertilizer production (PKD 08.91 Z), manufacture of other basic inorganic chemicals, manufacture of basic organic chemicals and wholesale of chemicals. Grupa Azoty Group Page 5 of 114

Grupa Azoty Folie Spółka z ograniczoną odpowiedzialnością The company was established on May 19th 2014. Its registered office is located in Tarnów. The company was entered into the National Court Register under entry No. KRS 0000514370, on June 24th 2014, by the District Court for Kraków-Śródmieście in Kraków, 12th Commercial Division of the National Court Register. The company s principal business activities include manufacture of plastic packing goods (PKD 22.22 Z), manufacture of other plastic goods (PKD 22.29 Z), and manufacture of plastics in primary forms (PKD 20.16.Z). Grupa Azoty Compounding Spółka z ograniczoną odpowiedzialnością The company was established on May 19th 2014. Its registered office is located in Tarnów. The company was entered into the National Court Register under entry No. KRS 0000514097, on June 18th 2014, by the District Court for Kraków-Śródmieście in Kraków, 12th Commercial Division of the National Court Register. The company s principal business activities include manufacture of plastics in primary forms (PKD 20.16.Z), manufacture of plastic packing goods (PKD 22.22 Z), and manufacture of other plastic goods (PKD 22.29 Z). Grupa Azoty Compounding Sp. z o.o. s business will consist in plastics compounding using innovative technological solutions. Associates of Grupa Azoty S.A. Navitrans Spółka z ograniczoną odpowiedzialnością The company was registered on June 30th 1992. Its registered office is located in Gdynia, at ul. Świętojańska 18/5. The company was entered into the National Court Register under entry No. KRS 0000062936, on November 20th 2001, by the District Court for Gdańsk-Północ, 8th Commercial Division of the National Court Register. The company s principal business activities include other transport agency activities (PKD 52.29 C). Grupa Azoty Group Page 6 of 114

Parent s shareholdings in subsidiaries as at December 31st 2014 Director s Report on the Operations of the Grupa Azoty Group Company Registered office/address Share capital (currency) % of shares directly attributable Grupa Azoty ATT Polymers GmbH Grupa Azoty Koltar Sp. z o.o. Grupa Azoty PUŁAWY Group Grupa Azoty ZAK S.A. Grupa Azoty POLICE Grupa Azoty PKCh Sp. z o.o. Grupa Azoty SIARKOPOL Grupa Azoty Compounding Sp. z o.o. Grupa Azoty Folie Sp. z o.o. Forster Straße 72 03172 Guben, Germany EUR 9,000,000 100.00 ul. Kwiatkowskiego 8 33-101 Tarnów, Poland PLN 32,760,000 100.00 al. Tysiąclecia Państwa Polskiego 13 24-110 Puławy, Poland PLN 191,150,000 95.98 ul. Mostowa 30 A skr. poczt. 163 47-220 Kędzierzyn-Koźle, Poland PLN 285,064,300 93.48 ul. Kuźnicka 1 72-010 Police, Poland PLN 750,000,000 66.00 ul. Kwiatkowskiego 7 33-101 Tarnów, Poland PLN 85,630,550 63.27 Grzybów, 28-200 Staszów, Poland PLN 55,000,000 85.00 ul. Chemiczna 118 33-101 Tarnów, Poland PLN 5,000 100.00 ul. Chemiczna 118 33-101 Tarnów, Poland PLN 5,000 100.00. Grupa Azoty Group Page 7 of 114

Structure of the Group as at December 31st 2014: Grupa Azoty S.A. Grupa Azoty Group ATT Polymers GmbH (100%) Grupa Azoty Compounding Sp. z o.o. (100%) Grupa Azoty Folie Sp. z o.o. (100%) Grupa Azoty Koltar Sp. z o.o. (100%) Grupa Azoty Zakłady Azotowe Puławy S.A. (95.98%) Grupa Azoty Zakłady Azotowe Kędzierzyn S.A. (93.48%) Grupa Azoty KiZCh Siarkopol S.A. (85%) Grupa Azoty Zakłady Chemiczne Police S.A. (66%) Grupa Azoty Polskie Konsorcjum Chemiczne Sp. z o.o. (63.27%) 1) NAVITRANS Sp. z o.o. (26.45%) 2) Unibaltic Agro Sp. z o.o. (100%) Agrochem Puławy Sp. z o.o. (100%) Elektrownia Puławy Sp. z o.o. (100%) Agrochem Sp. z o.o. (100%) SCF Natural Sp. z o.o. (99.99%) Hotel CENTRALNY Sp. z o.o. w Likwidacji (in liquidation) (100%) ZAKSA S.A. (91.67%) 3 Automatika Usługi Kontrolno- Pomiarowe Sp. z o.o. (100%) KONCEPT Sp. z o.o. (100%) Grupa Azoty Jednostka Ratownictwa Chemicznego Sp. z o.o. (100%) Konsorcjum EKO TECHNOLOGIES (60%) GZNF Fosfory Sp. z o.o. (98.43%) STO-ZAP Sp. z o.o. (96,15 %) CTL CHEMKOL Sp. z o.o. (49%) REMECH Grupa Inwestycyjno- Remontowa Sp. z o.o. (100%) EKOTAR Sp. z o.o. (12%) 4) REMZAP Sp. z o.o. (94.61%) Zakład Opieki Zdrowotnej Medical Sp. z o.o. (91,41 %) 5) Grupa Azoty Polskie Konsorcjum Chemiczne Sp. z o.o. (36.73%) 1) TRANSTECH Usługi Sprzętowe i Transportowe Sp. z o.o. (100%) Grupa Azoty PROREM Sp. z o.o. (100%) NAVITRANS Sp. z o.o. (26.45%) 2) Zakłady Azotowe Chorzów S.A. (85%) PROZAP Sp. z o.o. (84.69%) Supra Agrochemia Sp. z o.o. (100%) EKOTAR Sp. z o.o. (12%) 4) Legend: Bałtycka Baza Masowa Sp. z o.o. (50%) CTL KOLZAP Sp. z o.o. (49%) Grupa Azoty AFRICA S.A. (100%) Grupa Azoty Automatyka Sp. z o.o. (79.69%) - Parent - companies / groups consolidated by the Parent NAVITRANS Sp. z o.o. (26.45%) 2) Zarząd Morskiego Portu Police Sp. z o.o. (99.97%) - companies indirectly consolidated - non-consolidated companies 1) Grupa Azoty Polskie Konsorcjum Chemiczne Sp. z o.o. shares held by the Parent and Grupa Azoty Zakłady Azotowe Kędzierzyn S.A. 2) NAVITRANS Sp. z o.o. shares held by the Parent, Grupa Azoty PUŁAWY S.A. and Bałtycka Baza Masowa Sp. z o.o. 3) ZAKSA S.A. shares held by Grupa Azoty Zakłady Azotowe Kędzierzyn S.A. (91.67%) and CTL Chemkol Sp. z o.o. (0.783%). 4) EKOTAR Sp. z o.o. shares held by Grupa Azoty Jednostka Ratownictwa Chemicznego Sp. z o.o. and Grupa Azoty PROREM Sp. z o.o. 5) Additionally, Grupa Azoty PUŁAWY holds indirectly 1.49% of voting rights at the General Meeting and a 1.47% interest in the share capital of MEDICAL Sp. z o.o. 6) REMECH Grupa Remontowo-Inwestycyjna Sp. z o.o. holds a 0.1% interest in the share capital of African Investment Group S.A. TECHNOCHIMSERWIS SA (closely held company) (25%) African Investment Group S.A. (54,90 %) 6) INFRAPARK Police S.A. w Likwidacji (in liquidation) (54.43%) Budchem Sp. z o.o. w Upadłości Likwidacyjnej (in bankruptcy by liquidation) (48.96%) KEMIPOL Sp. z o.o. (33.99%) AFRIG Trade S.à r.l. (100%) Grupa Azoty Group Page 8 of 114

Parent s non-controlling interests as at December 31st 2014 Company Director s Report on the Operations of the Grupa Azoty Group Ownership interest (%) Tarnowskie Wodociągi Sp. z o.o. 12.39% Zakłady Włókien Chemicznych WISTOM S.A. w Upadłości (in bankruptcy) 9.83% Konsorcjum Rozwoju Eksploatacji Majątku Trwałego EKSPLOSYSTEM Sp. z o.o. 3.36% Centrum Naukowo-Produkcyjne Materiałów Elektronicznych CEMAT 70 S.A. 1.24% LEN S.A. w Likwidacji 0.29% Zakłady Tworzyw Sztucznych PRONIT S.A. w Upadłości (in bankruptcy) 0.28% Tarnowski Klaster Przemysłowy S.A. 0.11% INWESTSTAR S.A. 0.06% Tarnowska Agencja Rozwoju Regionalnego S.A. 0.06% Tłocznia Metali PRESSTA S.A. w Upadłości Likwidacyjnej (in bankruptcy by liquidation) 0.02% The following changes took place in the Group during and after the end of the reporting period: Zakłady Włókien Chemicznych WISTOM S.A. (in bankruptcy) the bankruptcy administrator has completed the last stage of distribution of the bankruptcy estate funds and, pursuant to Art. 217 of the Bankruptcy Law, on January 14th 2014 applied to the court for termination of bankruptcy proceedings of the company following liquidation of all assets of the bankruptcy estate. The announcement of termination of the proceedings will be published by the Court in the official gazette Monitor Sądowy i Gospodarczy. Wytwórnia Silników PZL MIELEC Sp. z o.o. (in bankruptcy) June 18th 2014 saw the entry in the National Court Register of the Decision of the District Court of Tarnobrzeg, 5th Commercial Division, Bankruptcy Section, on termination of bankruptcy proceedings pursuant to Art. 368.1. of the Bankruptcy and Reorganisation Law. On October 13th 2014, the company was deleted from the National Court Register. 1.2. Changes in the Group structure Settlement of the acquisition of controlling interest in African Investment Group S.A. The acquisition of African Investment Group S.A. by Grupa Azoty POLICE was finally settled. For more information on the settlement of the transaction, see the annual consolidated financial statements of the Grupa Azoty Group, Note 1.2 Changes in the Group s structure. Establishment of FRIG Trade S.à r.l., African Investment Group S.A. s subsidiary On May 14th 2014, AFRIG Trade S.à r.l. of Senegal was established, with 100% of its shares acquired by African Investment Group S.A. AFRIG Trade S.à r.l. s business consists in import and distribution of and trade in chemical products and raw materials, as well as storage and logistics services. Establishment of a subsidiary, Grupa Azoty AFRICA S.A., by Grupa Azoty POLICE September 10th 2014 saw the registration of Grupa Azoty POLICE s subsidiary, Grupa Azoty AFRICA S.A. of Dakar, Senegal (established on May 7th 2014). The new company s business profile will include import, distribution of and trade in fertilizers and other chemical products, provision of storage and logistics services, as well vocational training of farmers. Increase in the share capital of Zarząd Morskiego Portu Police Sp. z o.o. Grupa Azoty POLICE s subsidiary On October 30th 2014, the Extraordinary General Meeting of Zarząd Morskiego Portu Police Sp. z o.o. increased the share capital of the company from PLN 19,890,350 to PLN 32,617,300 by issuing 262,193 new shares with a par value of PLN 50 per share. The new shares were acquired by Grupa Azoty POLICE in exchange for a contribution in kind in the form of property, through transfer (in whole or in part) Grupa Azoty Group Page 9 of 114

of the perpetual usufruct right to land, together with buildings, structures and property, plant and equipment. The share capital increase was registered with the National Court Register on December 23rd 2014. Cancellation of liquidation of Supra Agrochemia Sp. z o.o., Grupa Azoty POLICE s subsidiary In accordance with a resolution of the Extraordinary General Meeting of Supra Agrochemia Sp. z o.o. w likwidacji (in liquidation), dated December 16th 2013, the liquidation proceedings were cancelled as of December 31st 2013 and since January 1st 2014 the company has continued its operations under its previous name, Supra Agrochemia Sp. z o.o. Business combination at Grupa Azoty PKCh Sp. z o.o. On March 14th 2014, a merger of Grupa Azoty Jednostka Ratownictwa Chemicznego Sp. z o.o. (the acquirer) and Regionalne Laboratorium Oceny Mleka Sp. z o.o. (the acquiree) was registered. The merger was effected through the transfer of all acquiree s assets to the acquirer, with no share capital increase. Establishment of Grupa Azoty Compounding Sp. z o.o. and Grupa Azoty Folie Sp. z o.o. On May 19th 2014, the Parent established two new companies: Grupa Azoty Compounding Sp. z o.o. (registered with the National Court Register on June 18th 2014) and Grupa Azoty Folie Sp. z o.o. (registered with the National Court Register on June 24th 2014). Both companies have their registered offices in Tarnów. Share capital of each of the companies equals PLN 5 thousand. Grupa Azoty Compounding Sp. z o.o. is a special purpose vehicle whose business, to be conducted in cooperation with a partner, will consist in plastics compounding using innovative technological solutions. The project will be located in a subzone of the Kraków Special Economic Zone, and will involve construction of a compounding facility with state-of-the-art plant and equipment. On June 27th 2014, Grupa Azoty Compounding Sp. z o.o. was granted a licence to operate in the Kraków Special Economic Zone. Grupa Azoty Folie Sp. z o.o. is a special purpose vehicle whose business will be manufacturing of specialist films for the flexible packaging sector. Dissolution of Dom Wczasowy Jawor Sp. z o.o., Grupa Azoty PUŁAWY s subsidiary On May 16th 2014, the Annual General Meeting of Dom Wczasowy Jawor Sp. z o.o. w likwidacji (in liquidation) adopted resolutions to approve the company s liquidation report for the period from March 12th 2013 to May 15th 2014 and distribute its assets to the shareholders. On May 19th 2014, the company s liquidator filed with the registry court to delete the company from the National Court Register. On June 9th 2014, Dom Wczasowy Jawor Sp. z o.o. w likwidacji was deleted from the National Court Register. Deletion became final on June 20th 2014. On September 30th 2014, the Extraordinary General Meeting of Grupa Azoty PUŁAWY approved the sale of an organised part of business under the name of Dom Wczasowy Jawor, including all tangible and intangible assets and liabilities. The subsidiary will be sold by way of an open tender. Share capital increase at Agrochem Puławy Sp. z o.o. By virtue of a resolution by the Extraordinary General Meeting of Agrochem Puławy Sp. z o.o. of June 9th 2014, the company s share capital was increased by PLN 10,000 thousand, to PLN 42,533.5 thousand, through an issue of 100,000 new, equal and indivisible shares, with a par value of PLN 100 per share. All of the new shares were acquired by the company s existing shareholder, Zakłady Azotowe Puławy S.A., and paid for with cash. Another share capital increase of PLN 7,466.5 thousand was effected under a resolution of September 1st 2014. The share capital was increased to PLN 50,000 thousand through the creation of 74,665 new, equal and indivisible shares with a par value of PLN 100 per share. Again, the new shares were acquired by the company s existing shareholder, Zakłady Azotowe Puławy S.A., and paid for with cash. On October 22nd 2014, the increase was registered with the National Court Register. Grupa Azoty Group Page 10 of 114

Acquisition of Unibaltic Agro Sp. z o.o. by Agrochem Puławy Sp. z o.o. On September 11th 2014, Agrochem Puławy Sp. z o.o. (a subsidiary of Grupa Azoty PUŁAWY) acquired 6,793 shares in Unibaltic Agro Sp. z o.o., representing 100% of its shares. Consequently, Unibaltic Agro Sp. z o.o. has become a member of the Grupa Azoty PUŁAWY Group. For more information on the settlement of the transaction, see the annual consolidated financial statements of the Grupa Azoty Group, Note 1.2 Changes in the Group s structure. Grupa Azoty PUŁAWY s increased interest in Elektrownia Puławy sp. z o.o. On December 4th 2014, Elektrownia Puławy Sp. z o.o. (a subsidiary of Grupa Azoty PUŁAWY) cancelled the contract award procedure for construction of the Puławy Power Plant. The decision was caused by the absence of legislative solutions that would provide long-term support to high-efficiency cogeneration projects. On December 23rd 2014, Grupa Azoty PUŁAWY and PGE Górnictwo i Energetyka Konwencjonalna S.A. agreed to terminate the joint venture agreement signed on May 31st 2011 for the purposes of the Puławy Power Plant project. Under the termination agreement, all costs incurred on the project will be shared equally between the parties. On December 23rd 2014, Grupa Azoty PUŁAWY acquired from PGE GiEK 11,074 equal and indivisible shares in Elektrownia Puławy Sp. z o.o. for a total price of PLN 16,395,535.91; following the transaction, Grupa Azoty PUŁAWY holds 100% of shares and voting rights in the company. Events after the end of the reporting period Share capital increase at Agrochem Sp. z o.o. The Extraordinary General Meeting of Agrochem Sp. z o.o. of Dobre Miasto held on January 22nd 2015 passed a resolution to increase the company s share capital by PLN 19,500 thousand, to PLN 20,000 thousand, through an issue of 39,000 new shares with a par value of PLN 500 per share; the new shares will be paid for with cash. Grupa Azoty Group Page 11 of 114

1.3. Organisational or equity ties between Grupa Azoty Group companies and other entities Grupa Azoty Group companies interests in other entities as at December 31st 2014 Grupa Azoty PUŁAWY Group Company Ownership interest (%) Share capital Agrochem Sp. z o.o. (*) 100.00 % 500 Agrochem Puławy Sp. z o.o. 100.00 % 50,000 Elektrownia Puławy Sp. z o.o. 100.00 % 22,148 SCF Natural Sp. z o.o. 99.99 % 15,001 Gdańskie Zakłady Nawozów Fosforowych Fosfory Sp. z o.o. 98.43 % 29,003 STO-ZAP Sp. z o.o. 96.15 % 1,117 Remzap Sp. z o.o. 94.61 % 1,812 Zakład Opieki Zdrowotnej Medical Sp. z o.o. 91.41 % 1,074 Zakłady Azotowe Chorzów S.A. 85.00 % 30,000 Prozap Sp. z o.o. 84.69 % 826 Bałtycka Baza Masowa Sp. z o.o. 50.00 % 19,500 CTL Kolzap Sp. z o.o. 49.00 % 2,000 Navitrans Sp. z o.o. 26.45 % 76 Technochimserwis S.A. (closely held company) 25.00 % 800 (roubles) The following companies were excluded from consolidation because of their immateriality: Zakład Opieki Zdrowotnej Medical Sp. z o.o. STO-ZAP Sp. z o.o. (*) The company s share capital was increased to PLN 20,000 thousand under an Extraordinary General Meeting resolution on January 22nd 2015. Grupa Azoty Group Page 12 of 114

Grupa Azoty ZAK Group Company Director s Report on the Operations of the Grupa Azoty Group Ownership interest (%) Share capital ZAKSA S.A. 91.67 % 6,000 CTL Chemkol Sp. z o.o. 49.00 % 4,000 Grupa Azoty PKCh Sp. z o.o. 36.73 % 85,631 Companies placed in liquidation Hotel Centralny w likwidacji Sp. z o.o. (in liquidation) 100.00 % 7,790 Grupa Azoty POLICE Company Ownership interest (%) Share capital AUTOMATIKA Usługi Kontrolno Pomiarowe Sp. z o.o. 100.00 % 7,168 KONCEPT Sp. z o.o. 100.00 % 511 REMECH Grupa Inwestycyjno-Remontowa Sp. z o.o. 100.00 % 6,212 TRANSTECH Usługi Sprzętowe i Transportowe Sp. z o.o. 100.00 % 9,783 Grupa Azoty Africa S.A. 100.00 % 132,000 (CFA) Supra Agrochemia Sp. z o.o. 100.00 % 19,721 Zarząd Morskiego Portu Police Sp. z o.o. 99,98 % 32,617 African Investment Group S.A. 54.90 % 340,000 (CFA) Budchem Sp. z o.o. w upadłości likwidacyjnej (in bankruptcy by liquidation) 48.96 % 1,201 KEMIPOL Sp. z o.o. 33.99 % 3,445 Companies placed in liquidation Infrapark Police S.A. w likwidacji (in liquidation) 54.43 % 14,986 The following company was excluded from consolidation because of its immateriality: Supra Agrochemia Sp. z o.o. Grupa Azoty PKCh Sp. z o.o. Company Ownership interest (%) Share capital Grupa Azoty JRCh Sp. z o.o. 100.00 % 21,749 Grupa Azoty PROREM Sp. z o.o. 100.00 % 11,567 Grupa Azoty Automatyka Sp. z o.o. 79.69 % 4,547 The following subsidiaries of Grupa Azoty JRCh Sp. z o.o. were excluded from consolidation because of their immateriality: Konsorcjum EKO TECHNOLOGIES EKOTAR Sp. z o.o. Grupa Azoty Group Page 13 of 114

1.4. Parent s branches (divisions) The Parent does not operate any branches (divisions) outside of its principal place of business. 1.5. Employment Number of employees at the Grupa Azoty Group as at as at Employee group Dec 31 2014 Dec 31 2013 blue collar employees 9,034 9,057 white collar employees 4,946 4,822 Total 13,980 13,879 Number of employees at consolidated subsidiaries Employee group as at Dec 31 2014 as at Dec 31 2013 blue collar employees 7,731 7,759 white collar employees 4,161 4,048 Total 11,892 11,807 Number of employees at the Group: average for the year and as at the end of 2014 average as at Dec 31 Employee group annual 2014 blue collar employees 9,048 9,034 white collar employees 4,909 4,946 Total 13,957 13,980 Number of employees at consolidated subsidiaries: average for the year and as at the end of 2014 average as at Employee group annual Dec 31 2014 blue collar employees 7,752 7,731 white collar employees 4,119 4,161 Total 11,871 11,892 Employee turnover from January 1st to December 31st 2014 Employee group 2014 blue collar employees 697 white collar employees 596 Total 101 Grupa Azoty Group Page 14 of 114

Employment by summary education Description Year Total employment University or equivalent Secondary Vocational Primary Number of employees 2014 13,980 3,722 5,757 3,610 891 Number of employees 2013 13,879 3,479 5,760 3,717 923 Employment by length of service Description Year up to 5 years 6-10 years 11-20 years Number of employees 2014 Number of employees 2013 1,583 11.3% 1,419 10.2% 1,908 13.6% 1,823 13.1% 2,764 19.8% 2,503 18.0% above 20 years 7,725 55.3% 8,134 58.6% Grupa Azoty Group Page 15 of 114

Support area Core business area Corporate Centre Director s Report on the Operations of the Grupa Azoty Group 2. Management of the Grupa Azoty Group 2.1. Organisational chart Grupa Azoty S.A. Manage ment Board Corporate Internal Audit Office Risk Manager Corporate Strategy and Development Department Corporate Management and HR Policy Department Corporate Finance Department Corporate Production and Safety Department Corporate Fertilizer Sales Department Corporate Procurement Department Corporate Logistics Department Corporate Telecommunications & IT Office Corporate Office of Strategic Research Chemical Technology Research and Development Centre Director General Plastics Segment Fertilizers Business Unit Catalysts Business Unit Power Centre Infrastructure Centre Research Centre Logistics Centre Grupa Azoty Group Page 16 of 114

2.2. Changes in key management policies Director s Report on the Operations of the Grupa Azoty Group Parent s Organisational Rules On May 16th 2014, in the performance of a resolution of the Parent s Management Board, the Organisational Rules of Grupa Azoty S.A. were implemented at the Company. The Rules, representing the fundamental document defining the Parent s internal organisation, were implemented to ensure, among other things, effective implementation of the common corporate strategy and management model for the Group. The Grupa Azoty Group s Code of Ethical Conduct On May 19th 2014, the Grupa Azoty Group Code of Ethical Conduct was implemented for use in the Group. The document is normative and declaratory in nature, it is applied in an organisational environment where the principles of ethical conduct have been only partially communicated and disclosed, and identifies and governs matters pertaining to shared values, conduct and ethical standards. The Azoty Group s values are economy, professionalism, cooperation, respect and transparency. The Code is binding on all Group employees as well as trading partners. Code of Organisational Culture The Grupa Azoty Group Organisational and Management System On June 30th 2014, the Code of Organisational Culture The Grupa Azoty Group Organisational and Management System was implemented at the Group. The document describes in particular the integration of corporate cultures and use of synergies within the Group to achieve better adaptation to the business and social environments, with simultaneous fulfilment of commitments towards the stakeholders. The Code serves to inform and set certain standards of corporate culture. It defines, in particular, the Group s vocabulary of organisation and management, corporate governance system, Group organisation and management system, organisational roles and responsibilities. Business Process Management Guidelines In the continued implementation of the Group Management Model, an internal order dated December 19th 2014 introduced Level 1 Main Corporate Business Processes Management Guidelines (defined exclusively at Grupa Azoty s Corporate Centre) and Level 2 Main Corporate Business Processes Management Guidelines (defined at the level of both Grupa Azoty and its subsidiaries). The Grupa Azoty Process Book was also implemented, stipulating general terms applicable to the Main Corporate Business Processes Management Guidelines. 2.3. Organisational changes at the Parent The need to adapt the Parent s organisation to the requirements of modern management at a large corporate group has necessitated the following changes within the Parent s structure: Expansion of the Shared Services Centre to include support for the Parent s subsidiaries As of January 1st 2014, the Parent s Shared Services Centre has expanded its operations to include support for some of the subsidiaries. The Centre provides accounting, tax, HR and payroll services to the Parent, as well as to Grupa Azoty Automatyka Sp. z o.o., Grupa Azoty Koltar Sp. z o.o., Grupa Azoty Prorem Sp. z o.o., and Grupa Azoty PKCh Sp. z o.o. Plastics Segment On January 1st 2014, the Company established the Plastics Business Segment, comprising the Plastics Business Unit in Tarnów and the Plastics Production Unit in Puławy, along with Caprolactam Sales Division in Puławy. On August 1st 2014, the Tarnoform compounding area, previously operating within the Modified Granules Branch, was separated (together with all its functions and tasks) from the Casings and Modified Granules Division and transferred to the Tarnoform and Formaldehyde Division. On January 1st 2015, the Oxidation Division and the Cyclohexanone Division in the Production Unit in Tarnów were merged to form a new Cyclohexanone Division. Grupa Azoty Group Page 17 of 114

3. Parent s equity and other instruments. Significant shareholders 3.1. Total number and par value of Parent shares, holdings of Parent shares by supervisory and management personnel, and interests of such persons in the Parent s related entities Number and par value of shares as at the date of issue of this Report: 24,000,000 Series AA shares with a par value of PLN 5 per share, 15,116,421 Series B shares with a par value of PLN 5 per share, 24,999,023 Series C shares with a par value of PLN 5 per share, 35,080,040 Series D shares with a par value of PLN 5 per share. The total number of Parent shares is 99,195,484 bearer shares (ISIN code PLZATRM00012). As at the date of this Report, none of the Management Board members held any shares in the Parent. Parent shares held by its supervisory personnel As at Jan 1 2014 Number of shares/voting rights as at Dec 31 2014 as at Mar 10 2015 Tomasz Klikowicz 190 190 190 The Parent s other supervisory personnel did not hold any Parent shares as at December 31st 2014 and as at the date of this Report. Shares held by the Parent s supervisory personnel in its related parties as at March 10th 2015 Member of the Management Board Related party Number of shares Par value Krzysztof Jałosiński Grupa Azoty POLICE 1,000 PLN 10 Marek Kapłucha Grupa Azoty PUŁAWY 2 PLN 10 As at the date of this Report, none of the Parent s supervisory personnel held any shares in its related parties. 3.2. Agreements known to the Parent which may cause future changes in the percentages of shares held by the existing shareholders and bondholders The Parent is not aware of any agreements which could lead to future changes in the number of shares held by the existing shareholders. 3.3. Control systems for employee share ownership plans The Parent does not operate any control systems for employee share ownership plans. Grupa Azoty Group Page 18 of 114

3.4. Treasury shares held by the Parent, Group companies and persons acting on their behalf The Grupa Azoty Group companies do not hold any treasury shares. Parent shares held by persons acting on behalf of the Grupa Azoty Group companies as at the date of this Report Management Board Number of shares Krzysztof Pieńkowski Grupa Azoty ATT Polymers GmbH 634 Jerzy Woliński Grupa Azoty PKCh Sp. z o.o. 128 Supervisory Board Number of shares Małgorzata Malec Grupa Azoty ATT Polymers GmbH 360 Wiesław Kozioł Grupa Azoty Automatyka Sp. z o.o. 360 Jerzy Koziara Grupa Azoty ZAK S.A., Grupa Azoty PUŁAWY Group 639 3.5. Issue, redemption and repayment of debt and equity securities In 2014, the Parent did not issue, redeem or repay any debt or equity securities. 3.6. Use of proceeds from share issues The Parent had spent the proceeds from Public Offerings by the end of 2013. The proceeds were used in line with the original issue objectives. 3.7. Parent shares The Parent has been listed on the Warsaw Stock Exchange since June 30th 2008, and since February 19th 2013 it has been a constituent of the MSCI Emerging Markets index. There are in total 99,195,484 outstanding shares of the Parent, with a par value of PLN 5 per share. Parent shares (ticker: ATT) are listed on the WSE main market in the continuous trading system and are included in the WIG, WIG-Poland, mwig30 and mwig40 indices and the chemical sector index, WIG-Chemia. The Parent has been included in the RESPECT Index, the first CSR-focused index in Central and Eastern Europe, since November 19th 2009. The selection of companies to be included in the Index is made in a three-stage process. The criteria which are evaluated in the selection process include financial standing, strategy, management processes, environmental factors, human resources policy and employee relations, as well as market impact and customer relations. Thus, the Parent has become a member of an elite group of stable, reliable and trustworthy organisations. Its inclusion in the RESPECT Index provides investors with an additional assurance that the Parent is a stable and safe enterprise, managed to the highest standards of sustainable development. On December 18th 2014, the Parent was for the eighth time awarded a certificate confirming its membership in the elite group of 24 companies listed in the RESPECT Index. Grupa Azoty Group Page 19 of 114

Since February 2013, the Parent has been a constituent of the MSCI Emerging Markets index. MSCI indices have been published by Morgan Stanley since 1970. Following a semi-annual review of the FTSE indices, on March 4th 2015 the Parent was selected to feature in the prestigious FTSE Emerging Markets index. The Parent stock will be listed in the index starting from March 23rd 2015. The FTSE Emerging index is part of the FTSE Global Equity Index Series (GEIS), which includes large and mid cap securities from advanced and secondary emerging markets. The FTSE indices are listed on the London Stock Exchange. All other key information on Parent shares, including information on voting restrictions, is presented in section 10 of this Report - Statement of compliance with corporate governance rules. Shareholding structure Shareholding structure as at December 31st 2014 Shareholder Number of shares % of share capital Number of votes % votes State Treasury of Poland 32,734,509 33.00 32,734,509 33.00 Norica Holding S.à r.l. 10,021,348 10.10 10,021,348 10.10 ING Pension Fund 9,883,323 9.96 9,883,323 9.96 Rainbee Holdings Limited *) 9,820,352 9.90 9,820,352 9.90 TFI PZU S.A. 8,689,591 8.76 8,689,591 8.76 European Bank for Reconstruction and Development 5,700,000 5.75 5,700,000 5.75 Other 22,346,361 22.53 22,346,361 22.53 *) A direct subsidiary of Norica Holding S.à r.l. including: Series AA and Series B shares 39,116,421 Series C shares 24,999,023 Series D shares 35,080,040 99,195,484 100.00 99,195,484 100.00 In the period from December 31st 2014 to the date of issue of this Report, the Parent has not been notified of any changes in large holdings of its shares. Performance of Parent shares The price of Parent shares at the beginning of 2014 was PLN 64.34, having consistently declined since October 2013. In January 2014, the share price moved slightly up and reversed the trend. Q1 2014 saw gradual recovery to above PLN 62. Following April s short-lived decline to PLN 56, the share price surged to above PLN 74 in May, exceeding the year s consecutive highs to reach PLN 80.49 on June 11th 2014, which later turned out to be the year s high. Between July and September, the share price ranged from PLN 72 to PLN 80, dipping temporarily to around PLN 70.60. The price declined from around PLN 75 in September to PLN 57 a month later. In Q4 2014, the share price rose again to above PLN 62 at the end of October and above PLN 68 in December, and then dropped to below PLN 60. The end of the year saw one more recovery attempt, with the share price reaching PLN 63,30 at the close of the financial year. Grupa Azoty Group Page 20 of 114

Parent share price from the IPO (June 30th 2008) to December 31st 2014 Source: GPWInfoStrefa, Grupa Azoty. Volume Price Dividend policy The Parent s dividend policy is consistent with the Strategy for 2013 2020. Distributions to shareholders depend on and are proportionate to the Parent s earnings and financial standing. In its dividend proposals, the Parent s primary focus will be to ensure compliance with the required levels of financial ratios, to secure financial stability and to secure financial resources sufficient to support the Group s further development. The dividend policy will be revised on an as-needed basis, and any decisions made by the Parent in this respect will take account of a number of factors concerning both the Parent and the entire Group. When deciding on profit distribution, the Parent will consider its growth prospects in individual business areas, future earnings, as well as cash needs in the context of the current financial position, development and acquisition plans, and the relevant laws. The final decision on profit distribution for a given financial year will each time be made by shareholders at the Annual General Meeting. In the reporting period, the Parent distributed profit for 2013. From the profit, PLN 19,839 thousand (PLN 0.20 per share) was allocated to payment of dividend. The remaining profit amount was allocated to statutory reserve funds. The dividend record date and the dividend payment date were set for June 18th 2014 and July 9th 2014, respectively. Grupa Azoty Group Page 21 of 114

Recommendations Analyst recommendations for Parent shares, published between January 1st 2014 and the date of this Report Date Recommendation Price Target price (PLN) Price at recommendation date (PLN) Mar 3 2015 sell 50.00 77.50 DM BZ WBK Broker Feb 16 2015 hold 68.90 72.00 ING Securities Feb 1 2015 sell 59.00 71.00 DM BOŚ Jan 26 2015 sell 51.20 60.00 ING Securities Jan 12 2015 sell 62.00 67.90 Societe Generale Dec 14 2014 hold 59.00 60.05 DM BOŚ Dec 12 2014 sell 53.95 62.05 PKO BP Oct 27 2014 sell 49.30 59.11 DM BZ WBK Oct 9 2014 sell 55.40 59.62 UniCredit CAIB Oct 6 2014 sell 49.80 63.05 DM BOŚ Sep 23 2014 sell 54.80 68.00 ERSTE Securities Sep 22 2014 sell 60.00 69.00 Citigroup Sep 4 2014 sell 62.00 75.50 Societe Generale Aug 8 2014 sell 44.70 70.60 DM BDM Jul 24 2014 sell 52.30 73.76 DM BOŚ Jul 24 2014 sell 55.20 76.25 ING Securities Jul 11 2014 sell 65.30 73.50 Wood&Company Jul 8 2014 sell 60.90 70.50 PKO BP Jun 3 2014 reduce 72.00 79.50 Raiffeisen Feb 10 2014 sell 50.20 52.50 DM IDM SA Jan 31 2014 hold 56.50 52.60 Raiffeisen Jan 30 2014 sell 50.30 52.53 DM BZ WBK Jan 29 2014 ACCUMULATE 65.60 52.50 Millenium DM Jan 20 2014 sell 50.50 55.49 ING Securities Investor relations Acting in accordance with the highest standards of capital market communications and corporate governance, the Parent provides all market participants, in particular current and prospective shareholders, with exhaustive and reliable information on events taking place at the Parent and the Grupa Azoty Group. In its communication with investors, the Parent goes above and beyond the statutory disclosure requirements. The Parent pursues an open information policy in response to the high expectations of capital market participants. Following publication of periodic reports, the Parent and the Group hold conferences to present and discuss their separate and consolidated financial performance. As part of the consolidation process, such conferences are held jointly by all issuers from the Group to present a coherent picture of the Group to the investors and analysts. Keen to communicate with its retail investors as well, Grupa Azoty holds open web chat sessions following publication of its financial reports, where the shareholders are able to communicate directly with the Parent s representatives and ask them questions. Presentations on financial performance, addressed in particular to institutional investors, investor presentations, and chat logs are available on the Parent s website (the Investor Relations section). In 2014, representatives of Grupa Azoty also met with capital market participants during numerous one-on-one meetings and conferences, held both in Poland and abroad. Since its IPO, Grupa Azoty has Grupa Azoty Group Page 22 of 114

held annual meetings with retail investors during the Wall Street conference and the affiliated Targi Akcjonariat fair, both organised by the Association of Individual Investors. In response to the shareholders expectations, the Parent makes every effort to ensure that the published information is disseminated among as many recipients as possible. To this end, Grupa Azoty publishes its key announcements also in social media. The corporate website is a key tool for communicating with the capital market, featuring the Parent s current and periodic reports, important information about AGMs and EGMs, analyst recommendations and financial results. The website, with its dedicated section for investors, was upgraded to provide more precise capital market information in a more user-friendly manner. The content and presentation quality of the IR section, as well as the use of the Internet to communicate with investors, were recognised by the jury of the Golden Website Award for Listed Companies, organised by the Polish Association of Listed Companies. Grupa Azoty won the prestigious Golden Website Award in its 7th edition, where it competed in the Polish companies listed in the WIG20 and mwig40 indices category. The Parent s website was assessed in terms of content, innovation and clarity of communication. What users praised in particular was the site s searchability and readily accessible spreadsheet data. The Parent s IR efforts were also recognised by investors, who praised its active participation in the Akcja Inwestor campaign in the popular Polish economic daily Puls Biznesu. Consequently, the Parent has been honoured with the prestigious Responds to Investors mark since August 2010. The Parent has also been invited to participate in the 10 out of 10 Programme organised by the Polish Association of Retail Investors. The goal of the Programme is to deliver best practices in communication with retail investors, based on their needs and communication models functioning on foreign markets. By participating in the project, the Parent promises to pursue a proactive policy of communication with retail investors and respect the rights of this group of investors. In June 2014, Grupa Azoty was named the Capital Market Hero in recognition of its active two-way communication with retail investors. Intended to distinguish companies which meet the highest standards in investor communication, the title is particularly valuable as it is awarded by investors themselves in an on-line vote. The contest is held under the auspices of the Polish Association of Retail Investors. Grupa Azoty Group Page 23 of 114